Cosmetics Market is Predicted to Observe a Tremendous Growth, With a CAGR of 4.2% From 2023 To 2030: Grand View Research Inc.

 

The global cosmetics market size is expected to reach USD 363.80 billion by 2030, expanding at a CAGR of 4.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The aging population globally, along with increased spending on beauty items like skin creams, lotions, hair color, and others, are the main growth drivers in the industry. Additionally, the market is expected to benefit significantly from significant product innovations made by the leading competitors. For instance, L'Oréal SA, a significant player in the cosmetics sector, introduced several cosmetic goods, including long-lasting, natural-ingredient skin creams, lotions, and hair colors.

Due to increased hair loss and scalp issues among both men and women worldwide, the hair care industry is expanding as a result of increased product use. Also, during the projected period, the growing demand for organic haircare products, such as shampoo and hair colors, will support market expansion. Also, the increased use of hair care products around the world is a result of the availability of safer, more sophisticated, and more effective hair care products.

The women segment is estimated to contribute more to the global cosmetics industry. The significant demand for personal beauty products such as skincare, and hair care cosmetics among the global female population is one of the major factors that contributed to the growth of the market. In addition, high expenditure by women on personal and beauty products as compared to men is further expected to support the market during the forecast period.

The online distribution channel is expected to grow more quickly during the forecast period. One of the key drivers of the market's expansion is the increased collaborations between producers of cosmetic products and online retailers. Also, the rapidly growing trend of young people browsing for personal care products on online portals fuels market expansion. The segment expansion can be attributed to changing preferences of consumers brought on by ease, efficiency, responsiveness, and price. Also, the Covid-19 epidemic has prompted numerous manufacturers and vendors to embrace an online sales model, which is anticipated to fuel the segment's growth throughout the projected period.

The key players in U.S. are significantly contributing to the growth of market revenue. The presence of well-established brands such as Coty Inc; Estée Lauder Companies Inc.; Revlon, Inc.; Avon Products Inc, and other manufacturers is one of the driving factors for market growth. Additionally, the participation of various celebrities and the growing trend toward celebrity endorsement for cosmetics products is another factor that drives the market in the region. Moreover, the significant trend of personalizing skincare and hair care products further contributes to the market growth.

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One of the key factors driving the market expansion during the forecast period is the widespread increase in the adoption of skincare and personal care products along with the rise in the global aging population. Rising fashion trends and considerable product innovation in hair color and other skincare product formulations and packaging all contribute to the market's expansion. Yet over the projection period, the adverse consequences of routine use of cosmetic goods due to the inclusion of dangerous chemicals are anticipated to limit market expansion.

Cosmetics Market Report Highlights

• Asia Pacific region dominated the cosmetics industry with a share of 50.3% in 2022. The presence of well-established and premium cosmetic product manufacturers is one of the supportive factors for the significant market share
• The haircare segment is expected to grow at the highest CAGR of 3.4% from 2023 to 2030. The growing demand for hair care solutions owing to hair fall and hair scalp problems across the globe contributes to the segmental growth
• The online distribution channel is expected to register faster growth at a CAGR of 3.7% from 2023 to 2030. The growing preference for online shopping portals for purchasing beauty care products among the young population across the globe is the key factor that propels the market growth

The Covid-19 epidemic resulted in a decrease in cosmetic product sales revenue for the key market players, which had subsequent effects. As an example, L'Oréal S.A. estimated that the COVID-19 pandemic-related tough environment caused net sales to decline by roughly 7.0% in fiscal 2020. Nonetheless, the global cosmetics industry is anticipated to rebound and have significant growth in the future as a result of restarted activities, sales, commerce, and manufacturing around the world.

Cosmetics Market Size, Share & Growth Insights:

• The U.S. cosmetics market size was estimated at USD 54.3 billion in 2021.

• The global market size is expected to grow at a CAGR of 4.2% from 2023 to 2030.

• Asia Pacific accounted for the largest market share of nearly 44.0% in 2022.

 Celebrities and millennials continue to favor fragrance products, which is expected to contribute to the market's expansion over the forecast period. The future market potential will also be greatly influenced by cosmetic manufacturers' increasing innovation and product development.

A considerable increase in brand recognition and the influence of cosmetic items through social platforms are anticipated to drive growth during the forecast period. The growing consumer preference for natural products, combined with increased knowledge of natural ingredients-based cosmetics and their impact on the body continue to drive the market expansion. The industry is experiencing considerable expansion as a result of the aging population since older consumers are increasingly using anti-aging treatments and hair dye to change the color of their hair.

Cosmetics Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 272.43 billion
Revenue forecast in 2030	USD 363.80 billion
Growth rate	CAGR of 4.2% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

Over the forecast period, another motivating factor is the rising awareness of skincare cosmetics products and their beneficial effects on the skin. Moreover, growing financial independence among women and increasing beauty awareness among men are important factors influencing the demand for cosmetics items over the predicted period.

List of Key Players in Cosmetics Market

• Coty Inc.
• L'Oréal S.A.
• Estée Lauder Companies Inc.
• Revlon, Inc.
• Avon Products Inc.
• Unilever PLC
• Shiseido Company, Limited
• Godrej
• Procter & Gamble
• Beiersdorf AG
• Henkel AG & Co. KGaA
• Kao Corp.
• Hoyu Co., Ltd.